PulteGroup announces second quarter 2012 financials

PulteGroup, Inc. announced financial results for its second quarter ending June 30, 2012. The company reported a net income of $42 million, or $0.11 per share, including land and restructuring charges totaling $8 million or $0.02 per share.

In the prior year, the company reported a net loss of $55 million, or $0.15 per share. Revenue from home sales in the second quarter this year increased 14 percent from the prior year to $1 billion. Higher revue was driven by the average selling price increasing to $268,000.

New net orders for the second quarter were 5,578, an increase of 32 percent over the previous year and a gain of 12 percent from the first quarter of 2012.

According to Zelman & Associates Pulte ended the quarter with $1.4 billion of cash and exceeded the growth posted by their private homebuilding contacts and is also ahead of the 24 percent pace reported by six other public builders thus far in the quarter.

The net order growth was led by a 70 percent increase in the Southwest (including Denver, Las Vegas, Phoenix and Southern California.) Pulte also had a 40 percent order growth in the North (primarily the Midwest, Pacific Northwest and Northern California.)

See the full release from PulteGroup here.